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Daily demand for round-trip airline tickets from Timmins to Toronto can be represented by the function Q D =150 - 0.1P and the supply of
Daily demand for round-trip airline tickets from Timmins to Toronto can be represented by the function QD =150 - 0.1P and the supply of airline tickets can be represented by the function QS= 0.1P - 50 where QD is the quantity demanded, Qs is the quantity supplied and P is the price of an airplane ticket.
2-a. Find both the inverse demand and inverse supply functions.
2-b. Determine the equilibrium price and quantity.
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